Losing streak continues, Ripple lost $0.006 to $0.458 adding to its seven consecutive days of drops

After closing at $0.463 today, XRP opened today at $0.463, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, XRP retains a distinct $0.458 to $0.465 daily range.

Despite being in the red so far in the current trading session, Ripple peaked above its 5 day Simple Moving Average around $0.469 — typically an early indicator of a new bullish trend beginning to emerge. XRP's lower Bollinger Band® is at $0.432, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. XRP could begin to recover as it approaches significant support, now 1 cents away from $0.45. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that XRP (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $117.26 (down 2.45%). EOS closed at $1 (down 2.3%).

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.

This year has been a bright one for XRP after trading as low as $0.307 and going on to appreciate by 33.49% year to date. XRP has a market cap of 23.70 billion with an average daily volume of 1.12 billion.